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19 Cards in this Set

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  • Back
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Land Description
1.Metes and Bounds
2.Rectangular / govt Survey
3.Recorded Plat
Real Estate Measurements
Perimeter (distance around)
Acre = 43,650 square Feet
Section = 640 Acres
Acre = 1mile x 1Mile
Land Elements
Surface Rights
Sub-Surface Rights
Air Rights
Improvements
Items affixed to the land with the intent of being permanant - house,fence,road,landscaping
Improvement Location Certificate
(ILC) used to locate encroachments
Land Use Classifications (5)
1.Residential
2.Commercial
3Industrial/mfg
4.Agriculture
5.Mixed
Govermental Rights in Land
Police power
Eminent domain
Taxation
Escheat
P.E.T.E.
Estates in Land (2)
Freehold Estate
Leasehold Estate
Freehold Estate
Interest in property that is possessory and of indeterminante duration and owner holds or will recieve title
Key items
Possessory / Indeterminate duration / Title
Categories of Freehold Estate (3)
Fee simple absolute (best)
Fee simple defeasible
Life Estate
Fee Simple Absolute (5)
Possessory
Indeterminate duration
Title
Freely Transferable & inheritable
Perpetual
Most complete bundle of rights
Fee Simple Defeasible
(Qualified Fee)
Possessory
Indeterminate duration *
Title
Transferable & inheritable *
* Subject to conditions
Life Estate
subject to life of specified person
remainderman or reverter
Essential Elements of Deed (7)
Identify the parties
Competent Grantor
Words of conveyence
Legal description of property
consideration given
properly executed
delivered and accepted by grantee
General Warranty Deed
Covenants of:
seizin
quiet enjoyment
against encumberances
further assurance
warranty forever
Special Warranty Deed
warranties only cover granto's period of ownership
quitclaim deed
a deed without warranties, usually used to clear clouds on title
if i own it i convey it
Bargain and Sheriff Deed
deed given to buyer at a foreclosure sale
lead base disclouseure
Built before Jan 1, 1978
in Colorado building permit before Jan 1, 1978